MPS Limited — Investor Meet, 22-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

MPS reported FY25 revenue of INR 726.9 Cr (+32.7% YoY FX-adjusted) and EBITDA of INR 210.9 Cr (+24.1%), led by the AJE acquisition, strong journal growth, and OWL Learning recovery. Q4 revenue rose 21.7% to INR 182.2 Cr with a 30.8% EBITDA margin. Content Solutions grew 34.4%, with AJE turning profitable at 21.7% margin. eLearning margins improved to 20.9%, supported by AI integration and operational restructuring. Platform business grew 67.4%, driven by DigiCore Pro. Management sees AI as a key growth and margin driver, with organic Corporate Learning growth expected to accelerate from Q2 FY26. Promoters prefer internal accruals and debt; a QIP is reserved for rare large acquisitions (INR 300-700 Cr). Working capital and cost efficiencies are improving, targeting INR 1,500 Cr revenue by FY28. Deal pipelines show strength, with an overall confident outlook on growth and margins.